When you purchased your insurance policy did you go over the policy with a fine tooth? Learn about an important fact when your vehicle is totaled and the responsibiity the insurance company takes.
According to an article at aureusautobody.com, “Insurance Myths”
“IF MY CAR IS TOTALED, INSURANCE WILL PAY OFF WHAT I OWN ON MY LOAN OR LEASE
Not guaranteed! Your car could be considered ‘totaled’ if the repair costs exceeds 51 percent of the vehicle value, as decided by your insurer. You’ll receive reimbursement for the actual cash value of your vehicle, minus your deductible. This is the value of your automobile before the wreck and it considers depreciation. If you still have an outstanding amount owed on the loan or lease, that is your responsibility. Gap insurance covers the difference between the cash value and the amount owed. This is an additional purchase option.” To read the entire article click here.
Your vehicle is in good hands with the best Sparks auto body shop, contact A1 Body Shop at 775-348-0909 or visit A1bodyshoprv.com.